USD/CAD Down 11 Pips Over Past 4 Hours, Moves Up For the 2nd Day In A Row; Crosses 20 Day Moving Average

USD/CAD 4 Hour Price Update

Updated June 18, 2020 09:06 AM GMT (05:06 AM EST)

USD/CAD is down 11 pips (0.08%) since the previous 4 hours (opening the current 4 hour candle near 1.3554), marking the 2nd candle in a row a decline has happened. Relative to other instruments in the Forex asset class, USD/CAD ranked 28th the previous 4 hours in terms of percentage price change.

USD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/CAD is up 15 pips (0.11%) since the day prior (opening today near 1.35786), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, USD/CAD ranked 11th the day prior in terms of percentage price change. The price chart of USD/CAD below illustrates.

USD/CAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USD/CAD crossed above its 20 day moving average yesterday. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 18.1 pips away. Volatility for USD/CAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days USD/CAD’s price has gone up 5 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on USDCAD, with 17 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 2.83, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel, divergence, relative strength index, trendline and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

At the top of the channel and we are already seeing rejection so short to the bottom should be vaild